Seattle Real Estate News

Regrets of first-time homebuyers.

January 23rd, 2019 7:46 PM by Sam Kader

While most people are happy with the results of their first home-purchase experience, there are some homeowners that have a few regrets and lessons learned. 

Here are some of them: 
  • The No.1 regret across all generations was buying a property that was too small. 
  • The second most common mistake was not saving enough money before buying their first home. Most buyers anticipate the money the'll need for their mortgage, homeowner's insurance and taxes but they don't always budget for home maintenance and repairs. As a general rule of thumb, most financial experts suggest saving at least 1 percent of the home value annually for repairs. 
  • Homeowners spent the most money on new appliances (16%) during their first year followed by replacing the roof (13%), replacing a furnace or air conditioner (11%), landscaping (10%) and replacing flooring (9%). 
  • Nearly half said they spent more than their budget during the first year of home-ownership. 
Posted by Sam Kader on January 23rd, 2019 7:46 PM

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